Malaysian IHH Healthcare has made public that it's offer, highest among all the offers, was turned down by Fortis Healthcare, the target company. However, the latter stated that the board is yet to take a decision on any of the three offers it received in the last one week. Such a difference in stance may give rise to hostile move by the foreign player, sources said.

Already Fortis Healthcare's shareholders are opposed to TPG Capital-backed Manipal Healthcare Enterprises' (MHE) initial as well as revised offers on the ground that they are undervalued. On the other hand, the price offered by Malaysia's IHH Healthcare was slightly better at Rs 160 per share (MHE's revised offer was Rs 155 per scrip), thus raising speculation of the latter taking minority stakeholders into confidence to make their next move.

On Monday, Malaysian player through a filing with Bursa Malaysia Securities Berhad announced that "the Board of Fortis Healthcare has indicated its inability to engage with IHH as Fortis has entered into binding agreements with Manipal Health Enterprises."

On the other hand, Fortis Healthcare stated that "the Board of Directors of the Company have not yet made a decision".

According to public statements, Fortis Healthcare's Board will be meeting on Thursday "to look at all eligible options and determine the future course of action that is in the best interests of the compan...